The Quarterly Retail Energy Market Monitoring (QREMM) Report for Q3 2022 (which includes the pricing update for semester 1: January to June 2022) is the latest of a series of Utility Regulator reports that provide a range of information about the retail energy market in Northern Ireland.
The QREMM report presents data that we collect as part of the Retail Energy Market Monitoring (REMM) framework. REMM requires network companies and suppliers to submit data on a range of indicators to enhance our transparency around market behaviours and regulatory compliance. We use the information outlined in the report to review the progress and impact of supply competition; build knowledge for regulatory decisions; comply with EU Third Package mandatory requirements on market monitoring; allow other interested stakeholders to understand more readily the activity within our energy markets; and to help promote the interests of consumers.
Highlights from the Q3 2022 report include:
- The semester 1 (January to June) 2022 electricity pricing data is sourced from Eurostat and individual supplier’s submissions under the REMM framework. The pricing data for the period illustrates the following:
- NI domestic electricity prices (22.0 p/kWh) continued to rank below the EU median (22.2 p/kWh), Republic of Ireland (23.1 p/kWh) and were lower than the UK (27.3 p/kWh).
- The NI I&C electricity price for the Very Small connections (which represent c70% of I&C connections) was 29.1 p/kWh, which was higher than the UK (21.3 p/kWh), higher than the EU median (21.6 p/kWh) and above the RoI (25.4 p/kWh).
- For Large and Very Large I&C customers (c0.02% of connections) NI prices (19.9 p/kWh) were higher than the EU median (12.7 p/kWh), RoI (16.4 p/kWh) and the UK (17.9 p/kWh).
- The semester 1 (January to June) 2022 domestic gas prices in NI were among the lowest in Europe at 6.1 p/kWh. This was less than RoI (7.1 p/kWh) and EU median (7.3 p/kWh) and marginally higher than UK (5.6 p/kWh).
- Overall electricity switching activity in Q3 2022 increased from the previous quarter. Domestic customers continue to engage in the market with over c26,000 domestic switches completed during Q3 2022 and a switching rate of 3.2% (increase from c25,000 in the previous quarter). In the I&C sector, the electricity switching rate remained was the same as Q2 2022 at 1.1%.
- In the gas sector, I&C switching activity remained at the same level as Q2 2022 with a switching rate of 0.5%. Domestic switching in the Greater Belfast area saw a decrease with c400 switches completed in Q3 2022, down from c700 switches in Q2 2022.
Copies of all documents can be made available in large print, Braille, audio cassette and a variety of relevant minority languages if required.